ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Tuesday Dec 12th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

NH House Passes Amended Bill To Exempt VC Businesses From Money Transmitter Registration

By

Poonam

Mehta

WriterETHNews.com

On March 8, 2017, the New Hampshire House passed House Bill 436, which exempts virtual currency businesses from registering for a money transmitter license.

On March 8, 2017, the New Hampshire House of Representatives passed an amended version of House Bill 436 (“HB 436”) with a vote of 185-170. HB 436 was originally introduced on January 5, 2017, by Republican Representatives Barbara Biggie and Keith Ammon to amend New Hampshire’s Licensing of Money Transmitters statute (Chapter 399-G of the New Hampshire Revised Statutes) to specifically exempt businesses engaged in virtual currency transactions. The bill was amended in committee on February 16, 2017.

Currently, Chapter 399-G requires virtual currency businesses, such as exchanges and wallets, to obtain a money transmitter license as the statute covers businesses transacting in virtual currency (defining “money transmission” to include “Receiving currency or monetary value for transmission to another location;” and defining “monetary value” to include “convertible virtual currency,” which is also a defined as “a digital representation of value that: (a) Can be a medium of exchange, a unit of account, and/or a store of value; (b) Has an equivalent value in real currency or acts as a substitute for real currency; (c) May be centralized or decentralized; and (d) Can be exchanged for currency or other convertible virtual currency”). 

The bill, as originally introduced, would have (1) re-defined “money transmission” to include “maintaining control of virtual currency on behalf of others;” (2) included a definition of “virtual currency” as “a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government;” and (3) added “Persons conducting business using transactions conducted in whole or in part in virtual currency” to the list of exemptions.

While in the House Commerce and Consumer Affairs Committee, the bill was amended.  As Chapter 399-G already defines “convertible virtual currency,” the amended bill adds “persons who engage in the business of selling or issuing payment instruments or stored value solely in the form of convertible virtual currency; or receive convertible virtual currency for transmission to another location” to the list of exemptions. The amended bill further states that “[s]uch persons shall be subject to the provisions of RSA 358-A,” New Hampshire’s consumer protection statute.

If enacted, HB 436, as amended, will benefit virtual currency start-ups and small businesses as they are currently required to obtain a money transmitter license, and satisfy the various obligations for money transmitter businesses (including capital requirements and reporting/recordkeeping requirements). Virtual currency-related businesses will still be subject to the New Hampshire Regulation of Business Practices for Consumer Protection statute. The bill will next be considered by the New Hampshire Senate.

Poonam Mehta

Poonam is a licensed attorney with the State Bar of California and a legal contributor for ETHNews on virtual currency regulation. Poonam holds value in Ether.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest legislation, virtual currency or other Ethereum law and legislation news.